API report shows record-breaking December for US oil and gas industry

The American Petroleum Institute’s (API) latest Monthly Statistical Report (MSR) shows the US natural gas and oil industry established multiple records in December.

These include the highest:

US production of crude oil (11.7 million bpd) and NGLs (4.8 million bpd).

Crude oil exports (2.4 million bpd).

Annual gasoline demand (9.3 million bpd).

Refinery and petrochemical feedstock demand for December (5.5 million bpd).

Refinery throughput for the month of December (17.7 million bpd) and year (17.3 million bpd).

Refinery capacity utilisation for the month of December (95.0%) and year (93.0%).

With record refinery throughput, total petroleum inventories – led by refined products – built to within 2.6% of the maximum of the 5-year historical range. Meanwhile, US petroleum net imports fell below 2.0 million bpd in December.